Gas costs hundreds more for average American

Your Money

CHICAGO (NewsNation Now) — If you’re feeling sticker price shock at the pump, you’re not alone with gas prices reaching a 7-year high.

The average price of gas according to AAA is $3.27. That’s compared to $2.18 last year.

2014 was the last time prices were even close to the current rate. It cost $3.40 on average to fill up in September 2014, according to the U.S. Energy Information Administration.

What does this mean the average American is paying at the pump per year?

The most popular car in America, the Ford F-150. gets 24 miles per gallon of gas. On average, Americans drive 13,500 miles a year, according to U.S. Department of Transportation’s Federal Highway Administration.

When you divide 13,500 miles by how many miles per gallon the F-150 gets, that means the average American uses 562 gallons of gas a year.

562 gallons a year combined with that $3.27 price tag means Americans are spending $1,837 a year on gas.

Compared to last year when the average price was $2.19 a gallon, Americans were spending $1,230 on gas. That’s a $607 difference.

Unfortunately for the average American, gas prices aren’t expected to go down anytime soon. The rise was caused partially by a continued lack of increased oil production among the OPEC nations.

A barrel of oil costs about $80, which is the highest price since 2014.

Driving experts encourage those on the road to slow down 5 or 10 miles on the highway to save gas if you’re looking to bring down your costs.

© 1998 - 2023 Nexstar Media Inc. | All Rights Reserved.

Trending on NewsNation